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Dec 29, 2012
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raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this fight for a long time and you've been devoted to the whole idea of not seeing taxes increase anywhere. but what we're down to right now is largely a political battle over the increase in marginal tax rates based on what you earn. i understand there's a lot more to this puzzle, but on that front, because that's the one that gets most of the ink around here, whether people who earn more than $250,000 or $400,000 or $1 million should may-pay more tax. the point is that's not going to hurt the economy. that's all we're talking about. paying 4.6%, 8 points higher on your income over $250,000, empirically t
raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this...
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Dec 30, 2012
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because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the subchapter s corporation. i think it would have a very significant effect. the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his j
because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the...
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Dec 29, 2012
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the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising the dollar revenue from them is sort of less harmful than it is from lower income folks. so, i mean, those debates are worth having, but i think when you actually get down to the specifics and play it out, things like a straight flat tax or national retail sales tax don't make a lot of sense. host: we've been talking with joseph rosenberg, a research associate at the tax policy center. if you want to get more information about the work that they do, you can go to our website, taxpolicycenter.org. part of the urban tax policy working center. thank you very much for being on the program. guest: tha
the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising...
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Dec 30, 2012
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i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of worrying about if we keep the payroll tax low or we lose money for social security over the long term? probably, but i think it's offset by the additional growth you get from just having lower unemployment and faster gdp growth and the whole nine yards. >> one thing that the way they have deviced the payroll tax holiday, they say technically speaking they're not taking money from social security. they're replacing it with money from the general budget. so you never actually have, a gap. but the concern is that that ends up lumping together social security, wh
i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of...
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Dec 24, 2012
12/12
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you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has groups concerned. democrats are critical of the president putting this issue on the table. republicans say it has to be. guest: despite the conversations about the grand bargain, it was never going to happen, there had not been enough preparation. one of my predictions from my column in 2012 was predictions for next year. what i am telling everybody is we are not going to get a big tax reform package next year because it takes two years to enact. without that, we will not get mandatory spending changes. that means the grand bargain is two years off. it cannot be part of the fis
you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has...
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Dec 29, 2012
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the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising the dollar revenue from them is sort of less harmful than it is from lower income folks. so, i mean, those debates are worth having, but i think when you actually get down to the specifics and play it out, things like a straight flat tax or national retail sales tax don't make a lot of sense. host: we've been talking with joseph rosenberg, a research associate at the tax policy center. if you want to get more information about the work that they do, you can go to our website, taxpolicycenter.org. part of the urban tax policy working center. thank you very much for being on the program. >> it is f
the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising...
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purposes of tax policy it's not a major purpose of tax policy all taxes manipulate behavior but let's try to keep that to a minimum keep the tax base simple and broad why not why not use tax policy to reduce behavior this destructive to the economy that's pleasures rashes and i don't think i mean do you know would you have a problem i mean do you have a problem with the fact that there are robots making millions of trades every minute on wall street and. we saw in the flash crash of two thousand and ten or something like that where the market dropped a thousand points and nobody knew we were exactly why i don't know huge risk to the financials and i don't have a problem with anybody losing billions of dollars because on the other side of that transaction somebody made billions nobody just wins and loses there's always someone on the other side of the transaction but this is really big i mean these are these are robots that are programs in that they're doing this people are making trades to invest in companies that they think are going to do well or you know making long term investment
purposes of tax policy it's not a major purpose of tax policy all taxes manipulate behavior but let's try to keep that to a minimum keep the tax base simple and broad why not why not use tax policy to reduce behavior this destructive to the economy that's pleasures rashes and i don't think i mean do you know would you have a problem i mean do you have a problem with the fact that there are robots making millions of trades every minute on wall street and. we saw in the flash crash of two...
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Dec 23, 2012
12/12
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energy is a tax on energy prices are a tax on everyone. they're a tax on households and businesses, we're going to see much more available cheaper energy and that will lower the burden on households and crucially as you pointed out, and this is where i think you're going to see a great knock-on effect, it makes manufacturing more viable in the u.s. so it's not just the jobs in the energy sector, it's the fact that all all of a sudden and especially natural gas, which is hard to transport, it starts to make sense to locate those factories where the energy is the other thing that i love about the energy story is as we've discussed a lot. one of my huge concerns about the u.s. economy is well-paying middle class jobs. and i think that you know, we can't neglect the economic reality that we are seeing the hollowing out of those jobs, huge downward pressure on wages. and the energy sector, that's not happening so much. in the actual production of natural resources, you can't outsource those jobs, so those are good jobs. >> can i give you an exa
energy is a tax on energy prices are a tax on everyone. they're a tax on households and businesses, we're going to see much more available cheaper energy and that will lower the burden on households and crucially as you pointed out, and this is where i think you're going to see a great knock-on effect, it makes manufacturing more viable in the u.s. so it's not just the jobs in the energy sector, it's the fact that all all of a sudden and especially natural gas, which is hard to transport, it...
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Dec 29, 2012
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but tax increases are a fact of life. that's the story, tax increases under mr. bush and surpluses under mr. clinton tax increases as far as the eye can see under mr. obama. >> when do the spending cuts happen, sarah? >> never. >> and you often see the tax increases kick in and in the health care law, and spending never gets cut. >> i think you need to look where the spending goes, provide preventive care. and we saw 80 million access preventative care and that's a net savings for the entire health care system passed on to all of us. >> how have job cuts we've seen the medical device makers, they're sounded the horn about them. how does it help the broad economy though? >> what you're seeing is readjusting of the economy. most of this tax money comes out of those making 250,000 or mo more, an increase on those individuals. at the same time that we're finding out here on capitol hill about a decrease on those making 250 or less, so, majority of americans. when we have this increase on a very small portion, we see that those folks are welcoming this increase, a pol
but tax increases are a fact of life. that's the story, tax increases under mr. bush and surpluses under mr. clinton tax increases as far as the eye can see under mr. obama. >> when do the spending cuts happen, sarah? >> never. >> and you often see the tax increases kick in and in the health care law, and spending never gets cut. >> i think you need to look where the spending goes, provide preventive care. and we saw 80 million access preventative care and that's a net...
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Dec 26, 2012
12/12
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does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the likelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort of risk management systems these banks have in place? are they planning for the next ceo? are they communicating to the employees what sort of risks they want to undertake? gerri: didn't we see that with jpmorgan chase? they made the big a big bet and lost a ton of dough? >> exactly. you can consider regulators are trying to take a more holistic approach -- pardon me for using outward. gerri: if they only knew how. they are so far away from what really goes on in these prints. it's hard for them to even understand businesses. how likely do you th
does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the likelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort...
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Dec 28, 2012
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>> don't tax me. tax the guy behind the tree. that's what we're faced with. everybody wants to pay lower taxes and get more services if you're in defense, you say, we need the money. if you're in agriculture, you see we need subsidized crop insurance. where does it end? in montana, we've had eight years of -- they're not willing to do that in washington, d.c. they just kick the can down the road. >> what does it mean in terms of federal aid or reduction in federal aid if we go over the fiscal cliff and even if we don't go over the cliff, and they come up with a bandaid, you risk losing more federal aid down the road, don't you? >> no question about you. we're a rural state. montana is the size of pefl r. -- pennsylvania, new york. there are federal dollars that pay for maintaining those highways. you can't have a million people pay for all those highways because it connects the entire country. you have forest service, 30% of the land is owned by the federal government. so there's a lot of federal dollars that come to montana. that's part of the system. >> wha
>> don't tax me. tax the guy behind the tree. that's what we're faced with. everybody wants to pay lower taxes and get more services if you're in defense, you say, we need the money. if you're in agriculture, you see we need subsidized crop insurance. where does it end? in montana, we've had eight years of -- they're not willing to do that in washington, d.c. they just kick the can down the road. >> what does it mean in terms of federal aid or reduction in federal aid if we go over...
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they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and there were real entitlement reform, would you be willing to raise taxes on anybody just so the democrats could save face and say they got a deal? >> it would have to be some pretty serious entitlement. >> like what? like what? >> we'll have to wait and see how that comes out. >> see, that's the problem? >> let's take the basics. you have food stamp issues with a lot of food stamp fraud that's out there and you have people certified to get food stamps and i don't have an issue with someone who has an actual need and qualifies for it. i have a real issue
they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and...
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Dec 30, 2012
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i'm talking about taxes going up no matter what. taxes in the esident's health care law. a new tax on invesent income, a tax on medical device makers costing jobs, those aren't the only ones, that last tax forcing companies, many companies to yoff workers. and coming attractions for thehe new year, to ben stein, charles payne, todd schoenberger and sarah, charles, you first. >> let the flood gates open. listen, dagen, obviously, we know-- actually we don't know, but it's to nancy pelosi's point we're going to find out and i hope we like it. lot of taxes associated with obamacare. you mentioned the medic device issue, a lot of these companies, by the way, medical device companies have been laying off workers right now. and that is, if this impacts, by the way, everyone, takes away from research and development, which will take away from life saving innovation and it's just, again, the very tip of the iceberg. ultimately, there's going to be a whole lot of taxes that just opens the gate for. this is just the beginning. >> ben, even if u look at action taken by the medical d
i'm talking about taxes going up no matter what. taxes in the esident's health care law. a new tax on invesent income, a tax on medical device makers costing jobs, those aren't the only ones, that last tax forcing companies, many companies to yoff workers. and coming attractions for thehe new year, to ben stein, charles payne, todd schoenberger and sarah, charles, you first. >> let the flood gates open. listen, dagen, obviously, we know-- actually we don't know, but it's to nancy pelosi's...
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Dec 27, 2012
12/12
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republicans remain against any tax increases. the debate is park sparking a high stakes match. >> the speaker cares more about his speaker ship than helping the nation. >> nobody is willing to pull the trigger. everybody wants to play the blame game. it's about to put us over the edge. >> reporter: and that's just where the economy may go. some say a situation could be allowing tax increases to tack effect on january 1st and then on the third when the new congress is sworn in, lawmakers can vote to cut taxes. >> the new year brings another deadline for homeowners. december 3rd 1 the last day toa play for the homestead tax credit. the credit is supposed to put a limit on an increase in property taxes if the home's assessment value jumps but it's only supposed to go for a primary residence. its going into effect to eliminate the credit for people who shouldn't be getting it. >> we have plenty ofen eligible properties getting credits they aren't entitled to. in 2007 the general assembly passed another bill requiring a one time appli
republicans remain against any tax increases. the debate is park sparking a high stakes match. >> the speaker cares more about his speaker ship than helping the nation. >> nobody is willing to pull the trigger. everybody wants to play the blame game. it's about to put us over the edge. >> reporter: and that's just where the economy may go. some say a situation could be allowing tax increases to tack effect on january 1st and then on the third when the new congress is sworn in,...
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Dec 30, 2012
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we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just about everywhere know that low capital gains tax rates are crucial for a growthof economy and entrepreneurship and high-technology industries. gerri: so what if we compare favorably with a lot of developed countries out there -- what would be the practical effect? >> it will slow the flow of venture capital and investment for high-technology companies. if you think about every major high-tech company like apple or microsoft or ebay or amazon, they were all nurtured by high income people putting money in early on to these startup companies. we dramatically cut the capital gains ta rate from 4
we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just...
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Dec 27, 2012
12/12
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all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the game area, you're going to be reading about the cliff whether you like it or not. we at starbucks have an opportunity and i believe a responsibility to use our company's scale for good, by sending a respectful and optimistic message to our officials to come together and reach important ground. this week, through december 28th, partners at our washington, d.c., area stores are writing come together on customer's cups. i am hugely in favor of this new starbucks initiative. not because i think writing come together on coffee cups will bring anybody in washing
all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the...
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Dec 28, 2012
12/12
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if we go over the fiscal cliff, what does it mean for you, income tax, estate tax, dividend tax, big changeses, yes, they are coming. can you protect yourself from the government? probably not, but we'll detail what's going to happen to you next. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. p
if we go over the fiscal cliff, what does it mean for you, income tax, estate tax, dividend tax, big changeses, yes, they are coming. can you protect yourself from the government? probably not, but we'll detail what's going to happen to you next. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts...
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Dec 23, 2012
12/12
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CSPAN
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it is not the worst thing if we can suddenly raise our are sent to joe tax rates -- of tax rates. the center is boehner and obama and the other leadership posts there publicly saying no, no. you cannot go over this. we should stop this. host: barbara from texas. caller: thank you for taking my call this morning. merry christmas. i have been listening to c-span a lot. i have got some comments and one question. i do believe that we need to go over a physical cliff. doing a deal at the end of the year is getting old because everything is rushed. we need to sit back and go over the cliff and let these guys see if they cannot work out a deal. so far they have not been able to do it for the last four years. i do believe that we need to stay at 18% to 20% gdp. as far as cuts, we have never really gotten the cuts that we were supposed to. that is like a sequester. that was passed in 2011. they are still working on it. most of the cuts are based on the increases that are built in due to baseline. when we do cuts, we need to go back to a zero baseline. caller: their collars are incredibly w
it is not the worst thing if we can suddenly raise our are sent to joe tax rates -- of tax rates. the center is boehner and obama and the other leadership posts there publicly saying no, no. you cannot go over this. we should stop this. host: barbara from texas. caller: thank you for taking my call this morning. merry christmas. i have been listening to c-span a lot. i have got some comments and one question. i do believe that we need to go over a physical cliff. doing a deal at the end of the...
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Dec 30, 2012
12/12
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they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. third area that we have to look at, the president wanted, as you recall a few weeks ago, $1.6 trillion in new revenue. we're now down to, as i understand it, about $600 billion. a significant reduction. if you don't have new revenue coming in from the wealthiest people, it will mean, as we go down the pike -- >> there are so many issues like, this that are -- have been originally talked about. but when push comes to shove, and it comes up to the absolute deadline and everybody is hopefully still talking tomorrow, how narrow could this deal be to get it done? >> how what? >> how narrow could this deal be? could it be just about whose taxes expire and whose don't? >> as i think some of your commentators made, people have to understand the world does not collapse in terms of the so-called deficit cliff, which many of us see as a slope. it doesn't collapse on january 1. not everybody's taxes are going up. you have
they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. third area that we have to look at, the president wanted, as you recall a few weeks ago, $1.6 trillion in new revenue. we're now down to, as i understand it, about $600 billion. a significant reduction. if you don't have new revenue coming in from the wealthiest people, it will mean, as we go down the pike -- >> there are so many issues like, this that are -- have been originally...
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Dec 28, 2012
12/12
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FBC
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my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation will be and lay in tax returns, people use that for down payment when would they get that to put a down payment on a car, right. >> people think i don't have the money. maybe i don't want to maintain my existing car. we hope that is the case. nine out of 10 cars have something wrong with them on the road. if you don't do the basic maintenance that may be only way to keep your job to get your family to where they want to go. that is all dollars and cents. adam: in new york, nine out of tense cars the big problem is the driver in the other car. >> that is all across the country. ada
my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation...
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Dec 30, 2012
12/12
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WJLA
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68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring the day after tomorrow or the end of the day tomorrow. we've known these automatic cuts, the so-called -- this was going to be happening for more than a year. aren't you a little embarrassed as leaders in the congress that it has gotten to this point that tomorrow is new year's eve, the day it all expires, and you still don't have an agreement? i mean, we've been having this argument for two years. >> it is embarrassing but almost every disagreement we've had is not because of a senate where we've had lots of -- we've come to agreement on many things. there are 50 hard right people in the house who don't want to comp
68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring...
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Dec 29, 2012
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as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately only president obama is the one man that can sign a bill into law and without him agreeing to sign a bill everybody's taxes go up. we are in a position of how do we limit the damage and i think the best way of doing that is continue to talk about what we need to do is grow the economy and that is something president obama hasn't shown any interest in doing. certainly hasn't concentrated on it in his first term. >> sean: and senator toomey, it is a little frustrating as we watch this frankly reckless irresponsible political positioning go
as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately...
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Dec 30, 2012
12/12
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take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a...
SFGTV: San Francisco Government Television
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Dec 26, 2012
12/12
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SFGTV
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florence mar, tax director of the office of treasurer tax collectors. we'd like to thank supervisor campos for sponsoring this ordinance. it follows the efforts of former supervisor montgomery gold rick, alioto-pier, [speaker not understood], enforcing the san francisco parking tax. as background, parking tax has been in effect over 40 years. rent tax paid for parking, the operator collects the tax from the occupant, holds it in trust and remits it to the city on a monthly basis. it is a significant and growing revenue source for the city generating over $70 million annually. most of the tax is appropriated by board and to mta. the three components that i'll mention briefly here relate to parking bond, administrative citations, and the government agencies. parking bonds are required of operators to protect the city's interests and provide security for the taxes that the operator remits to the city. the legislation expands to a level of the bonding required of parking operators from 7 to 18. and this is in response to industry requests for smaller bands
florence mar, tax director of the office of treasurer tax collectors. we'd like to thank supervisor campos for sponsoring this ordinance. it follows the efforts of former supervisor montgomery gold rick, alioto-pier, [speaker not understood], enforcing the san francisco parking tax. as background, parking tax has been in effect over 40 years. rent tax paid for parking, the operator collects the tax from the occupant, holds it in trust and remits it to the city on a monthly basis. it is a...
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cuts becoming the tax cut santa clause but not shooting. the social security santa clause as it were and the extension of judes theory was at least as it seems to have been carried out by republicans over the years since then was forced the democrats to shoot their own santa clause by running up huge debts when republicans are in power and it seems like that's how it's played out what are your thoughts on well i think there was an unstated assumption that maybe jude didn't even realize that was a powerful part of his argument which was that there was a limit to the deficit so the theory was if you cut spend taxes and create a bigger deficit then to the extent that people are concerned about deficits and want to reduce deficits that will get channeled into cutting spending and that became something that is more popular known as starve the beast and it's the underlying principle underneath the tax pledge but it turned out that there wasn't that much of a limit to the deficit and so you ended up simply with lower taxes and higher spending and
cuts becoming the tax cut santa clause but not shooting. the social security santa clause as it were and the extension of judes theory was at least as it seems to have been carried out by republicans over the years since then was forced the democrats to shoot their own santa clause by running up huge debts when republicans are in power and it seems like that's how it's played out what are your thoughts on well i think there was an unstated assumption that maybe jude didn't even realize that was...
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Dec 30, 2012
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about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president. it's clear that the democrats are saying that the president is the one who won't -- you know, who doesn't want to put up a counteroffer. so we'll see. >> changes by the hour. >> candy crowley, thank you as always, we'll be in touch. >> all eyes continue to be in washington as the cliff gets closer, the president insists 0 a tax hike for the rich. but the republicans won't budge. something has got to give. a.b. stoddard weighs in. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and
about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president....
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Dec 28, 2012
12/12
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estate tax goes to 50%. obamacare taxes for many individuals will be .9% on those earning over $200,000. that's another full percentage point. also we have a penalty tax will be imposed on the individuals. and also some employers. then on top of that we have, as kerry mention the, the alternative minimum tax patch. so we have five huge consequences right out of the box. you cover the economy every day. what does that mean to you and how does that affect the average person that will watch this go through? >> a lot of people entered the new year thinking i can't wait to file my taxes so i can get my tax return check. here is the irony and we will start from the bottom of the list. amt is my favorite thing to talk about because it's also known as the wealth tax. it was created 43 years ago because evil, greedy people were not paying their quote, unquote, fair share. this time it could affect $34 million people starting at $74,000. why? it was never indexed for inflation. it was one of these taxes put into plate
estate tax goes to 50%. obamacare taxes for many individuals will be .9% on those earning over $200,000. that's another full percentage point. also we have a penalty tax will be imposed on the individuals. and also some employers. then on top of that we have, as kerry mention the, the alternative minimum tax patch. so we have five huge consequences right out of the box. you cover the economy every day. what does that mean to you and how does that affect the average person that will watch this...
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Dec 29, 2012
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clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american taxpayer hostage for eight days' worth of a deal? there should be a deal on the tax part. it should happen in the next few hours. this is an artificial deadline created by a bunch of politicians two summers ago because they couldn't consume to an agreement. so that's why we're here on the new year's eve trying to figure out how not to have taxes go up by 99.7% of americans, which is what will happen come new year's day. that's why i think you're going to get it. the politician doesn't want to be the one to say i created the largest tax hike in history. >> arthel: so michael, w
clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american...
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Dec 29, 2012
12/12
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lou: let's start with the idea taxes that this president wants $1.6 trillion in new taxes. that is a heck ofn initial bargaining position, isn't it.> >> the president talks about tax rates.te he wants tax rate increases and he converted into dollars.x rev the real question is can you raise tax revenues.se the only way that we will raise enough revenues toet us out of trouble is private sectorsetor growth. tas you will not have private sectoc growth if you're saraying thate you're going too raise their health care costs or energy costs or labor costs. going t people aroe going to invest. job you are going to find that job creation is unique. american businesses want aess io president to succeed. i didn't vote for him, but hisey success is tied to my success. t conversely, his success is tied to the success of american bs business there ought to be some common ground here. i'm just not seeing it yet. youh lou: what do you think of the idea that it doesn't ceos from companies show that the wte house to talk big with the big guys, but small business thatf creates most these cut
lou: let's start with the idea taxes that this president wants $1.6 trillion in new taxes. that is a heck ofn initial bargaining position, isn't it.> >> the president talks about tax rates.te he wants tax rate increases and he converted into dollars.x rev the real question is can you raise tax revenues.se the only way that we will raise enough revenues toet us out of trouble is private sectorsetor growth. tas you will not have private sectoc growth if you're saraying thate you're going...
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Dec 29, 2012
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cuts or not for tax cuts? so people are a little smarter than that. and a lot of members of congress are wary. so if they get democrats to vote for this, that's going to be a bipartisan deal they can all hang their hats on. but does it achieve the long-term reform the president and a lot of conservative republicans say they're looking to see in government? >> i'm really glad you said that. david she hit on something important. you can't avoid this debate. it's everywhere. but she just suggested we're not going to fall for that. you're not going to fool us. you're not going to come back and say we went off the cliff and now we're voting for taxes. we're not going to fall for that. so who is going to come out if there is a deal before january 1? who's going to come out looking into this? is anybody? who's going to come out looking bad or worse than bad? >> a couple of thimgs things, t.j. i think it depend on what the ultimate deal is and where that line for threshold on tax increases is. looking ahead to the 201
cuts or not for tax cuts? so people are a little smarter than that. and a lot of members of congress are wary. so if they get democrats to vote for this, that's going to be a bipartisan deal they can all hang their hats on. but does it achieve the long-term reform the president and a lot of conservative republicans say they're looking to see in government? >> i'm really glad you said that. david she hit on something important. you can't avoid this debate. it's everywhere. but she just...
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Dec 23, 2012
12/12
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hasn't paid any taxes for ten years. let me him that he has paid taxes, because he hasn't. >> now reid said he got his information from a former bane investor. without any further explanation, he was awarded the maximum number of pinocchios. also u.n. ambassador susan rice has come to terms with the circumstances that led her to take her own name of of the running for secretary of state. her opening line, quite, my talking points for this evening have been provided to me and fully cleared by the intelligence community. how could this possibly go wrong? believe it or not, things took a turn for the palin later on in her speech. quote, day after day, i engage in highly substantive, highly technical negotiations with my colleagues here at the u.n. like the russians. as a matter of fact, i can see the russian mission from my house. >>> finally, did you think the holidays would come and go without seeing president obama singing "deck the halls." not so. he is back in the game. ♪ deck the halls with bows of holly ♪ ♪ fa-
hasn't paid any taxes for ten years. let me him that he has paid taxes, because he hasn't. >> now reid said he got his information from a former bane investor. without any further explanation, he was awarded the maximum number of pinocchios. also u.n. ambassador susan rice has come to terms with the circumstances that led her to take her own name of of the running for secretary of state. her opening line, quite, my talking points for this evening have been provided to me and fully cleared...
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Dec 30, 2012
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amt, the alternative minimum tax. a fix so that won't hit 20 million more americans. >> that is exactly right. >> chris: let me focus on the tax rates. that has been the biggest issue in the whole debate. the president wants to extend the tax rates on families making less than $250,000 a year. senator graham is that acceptable or does the threshold for when you start to make the bush tax rates go away does it have to be higher? some people said $400,000 and $500,000. how confident are you that the house which refused to set the mark at a million dollars will pass any tax rate increase? >> if democrats will vote for the deal in the house if they are allowed to vote for whatever the senate passes there will be enough republicans but boehner needs a majority of the republican party. in 2010 we extended all of the tax cuts because the economy was weak. we are not going to extend all of the tax cuts but the economy is weaker. i don't understand the economics but i do understand the politics. the president won. the presiden
amt, the alternative minimum tax. a fix so that won't hit 20 million more americans. >> that is exactly right. >> chris: let me focus on the tax rates. that has been the biggest issue in the whole debate. the president wants to extend the tax rates on families making less than $250,000 a year. senator graham is that acceptable or does the threshold for when you start to make the bush tax rates go away does it have to be higher? some people said $400,000 and $500,000. how confident...
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Dec 27, 2012
12/12
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happened, tax increases. john boehner was offered 121. not only are they phony, they get smaller. negotiation to walk into. eric: we have to leave it there, grover norquist, thank you. imagine every ship in port for massachusetts to texas shut down, nothing gets in or out. if they don't get their way, will everybody pay? this family used capital one venture miles to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just g "blacked out." [ brother ] but it's the family party! really jingles your bells, doesn't it? my gift to you! the capital one venture ca! for any flight, any time! that's double miles you can actually use! how illuminating. what's in your wallet? let me guess, am on the naughty list again? ho ho ho! >> forget the fiscal cliff. eric: forget the fiscal cliff, what about a container cliff and what that might do to the economy. a a nasty standoff between union workers and the companies could cripple the nation. unless two groups reach a
happened, tax increases. john boehner was offered 121. not only are they phony, they get smaller. negotiation to walk into. eric: we have to leave it there, grover norquist, thank you. imagine every ship in port for massachusetts to texas shut down, nothing gets in or out. if they don't get their way, will everybody pay? this family used capital one venture miles to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just g...
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Dec 23, 2012
12/12
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on this plan by the speaker which would have allowed taxes to go up, your group said it wasn't a tax increase and that still wasn't good tough for a lot of house republicans. >> look, let's understand, there is a plan to actually solve the debt that's been run up, the deficits to continue, the entitlement reform and tax reform to get more pro-growth, tax reform, and that's the ryan plan, which has actually passed twice by the house of representatives. people can talk -- >> no support from the president. it's not going anywhere. >> the democrats haven't done a budget in three, four year, haven't put anything forward that deals with entitlements. there's one and only one plan that has actually been passed by one house. the president hasn't put anything forward that fixes entitlements. his budget, his plan if you continue it out, you know, to 2040, 2050 takes 38% of gdp and the economy collapses. >> this gets to an issue which others have brought up during the week. it is -- you're right, congressman ryan's plan passed the house but there has been an election and house republicans are o
on this plan by the speaker which would have allowed taxes to go up, your group said it wasn't a tax increase and that still wasn't good tough for a lot of house republicans. >> look, let's understand, there is a plan to actually solve the debt that's been run up, the deficits to continue, the entitlement reform and tax reform to get more pro-growth, tax reform, and that's the ryan plan, which has actually passed twice by the house of representatives. people can talk -- >> no...
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Dec 26, 2012
12/12
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CSPAN
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our taxes. i am a republican and a bit less than $15,000 a year. i will pick up a beer can or a beer bottle when i am going down the street. most definitely. i have to collect them some days just to get by. as far as kicking the can of the road, i believe -- i do not believe in that. i think republicans have to face the fact that the conservatives always believe in a balanced budget. they always do. they have to scale down the monstrosity of a government they have. host: a reminder to all of our callers, please keep the sound of doubt on your tv set at home. -- keep the sound down on your tv set at home. here is a short piece from the interview on why the senator is leaving office. [video clip] >> many reasons. i have served here 20 years. less than 5 percent have serve that long. some of it is i am tired of living out of a suitcase. i miss 80% of my wife's birthdays and anniversaries. and i thought, it is time for somebody else to take this on. sometimes change is a good thing. after 26 years,
our taxes. i am a republican and a bit less than $15,000 a year. i will pick up a beer can or a beer bottle when i am going down the street. most definitely. i have to collect them some days just to get by. as far as kicking the can of the road, i believe -- i do not believe in that. i think republicans have to face the fact that the conservatives always believe in a balanced budget. they always do. they have to scale down the monstrosity of a government they have. host: a reminder to all of...
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Dec 29, 2012
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whose taxes will go up? people who earn more than 250,000 a year or people who earn more than 450,000 a year? republicans want to see the 450,000 threshold and democrats, 250,000. you need a few republicans in the house and democrats in the senate. it's more likely to be the 400,000 threshold. something the president offered. what does this do about taxes on inherited estates? currently, an estate worth $5 million or more gets taxed at a 35% rate. will that stay or change at all? and all of the automatic budget cuts we've deputy talking about for a year. nothing that would suggest that something will come up, later perhaps by march when they talk about the debt ceiling. >> he's talking about later in march, talking about a small deal being done now, which means we have to be back doing this all over again. >> yeah, the only thing on the table at this point are the tax rates extending bush tax cuts and a whole suite of things that were part of the fiscal cliff that aren't going to be touched. we'll have the d
whose taxes will go up? people who earn more than 250,000 a year or people who earn more than 450,000 a year? republicans want to see the 450,000 threshold and democrats, 250,000. you need a few republicans in the house and democrats in the senate. it's more likely to be the 400,000 threshold. something the president offered. what does this do about taxes on inherited estates? currently, an estate worth $5 million or more gets taxed at a 35% rate. will that stay or change at all? and all of the...
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Dec 23, 2012
12/12
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how the heck do you file your tax return. it is it a simple tax return . it is the last day of return. they can't. it is so unfair. >> wayne, is it bad as tracey thinks it is it. >> i think i is worse than tracey thinks it s. amt or alternative minum tax wasa pass to hook the high bracket taxpayers. that was dropped down to 25,000. right in there and so that is for people filing as together. that means an extra 30 million people will be paying taxes that never paid taxes before. they don't understand the alternative minimum tax and if it is not attached. the fall out has to reconfigure and takes them 90 days and once again the government is not serving us. it is serving them selves. >> we are talking about 80 to million of those iacted by the fiscal cliff firasco and many americans may suffer because of it i think to look at what you are saying, - congress is ashamed to bringing uncertainty to americans who rely on tax returns to put back in the economy. i am sure for a lot of these folks that money is spent to pay off bills and holidays and get breathing
how the heck do you file your tax return. it is it a simple tax return . it is the last day of return. they can't. it is so unfair. >> wayne, is it bad as tracey thinks it is it. >> i think i is worse than tracey thinks it s. amt or alternative minum tax wasa pass to hook the high bracket taxpayers. that was dropped down to 25,000. right in there and so that is for people filing as together. that means an extra 30 million people will be paying taxes that never paid taxes before....
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Dec 29, 2012
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KGO
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then, income taxes will go up across the board, every tax bracket. we're talking about real money for every household. for instance, a single parent with two kids making $37,000 a year, she'll get walloped with a $2800 plus tax increase. a married couple with a kid in college making about $137,000, that's $8,000 more in taxes on that family. and if you're really rich, say lebron james rich, $53 million a year, cough up $2.4 million more to uncle sam. and that's not all. two million americans who lost their jobs are getting help through unemployment benefits. at the stroke of midnight on january 1st, they get stiffed not a dime more. >> the federal help for unemployment benefits will go away. >> that's real pain for people who are already suffering. >> yes. and it's also an immediate removal of economic activity from the economy, because if you get unemployment benefits, that money gets spent into the economy relatively quickly. >> and the hits just keep oncoming. capital gains taxes, up 5%. the child tax credit cut in half from a thousand dollars per
then, income taxes will go up across the board, every tax bracket. we're talking about real money for every household. for instance, a single parent with two kids making $37,000 a year, she'll get walloped with a $2800 plus tax increase. a married couple with a kid in college making about $137,000, that's $8,000 more in taxes on that family. and if you're really rich, say lebron james rich, $53 million a year, cough up $2.4 million more to uncle sam. and that's not all. two million americans...
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Dec 28, 2012
12/12
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but the danger for them is that these stopped being the bush tax cuts and become the obama tax cuts, right? i think that's what conservatives and republicans should be most worried about from a long-term political perspective right now. i mean, in a sense, they have sort of -- they have won a particular policy battle in the sense that most of the bush tax cuts, both parties believe should be extended. right? we're talking about 97%, 98% of the bush tax cuts. you could say that's a policy win for republicans, but if those tax cuts ended up getting branded as obaobama's tax cuts t he passed after we went over the fiscal cliff, it then loses whatever upside there was for republicans, except, and we have to mention this, for republicans vulnerable to primary challenges, there's obviously a lot of anxiety about being, you know, the first republican in 20 years to vote for a tax increase. i think that's the big fear, that it's been so long. republicans haven't cast this kind of vote. you don't want to be the first one to do it. >> yeah, and charles, we're told the democrats may be waiting
but the danger for them is that these stopped being the bush tax cuts and become the obama tax cuts, right? i think that's what conservatives and republicans should be most worried about from a long-term political perspective right now. i mean, in a sense, they have sort of -- they have won a particular policy battle in the sense that most of the bush tax cuts, both parties believe should be extended. right? we're talking about 97%, 98% of the bush tax cuts. you could say that's a policy win...
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Dec 27, 2012
12/12
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CNNW
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but perhaps, democrats think if they can add an extension of the estate tax cut or put tax extenders in there they can lure some republicans. but that is part of the negotiation that's going to go on behind the scenes between democrats and one by one republican after republican. what do you need in order to come to the table. >> the senate democrats saying they think it's best to wait until the very last minute. why is that? >> this is going to make voters and viewers so happy i'm sure. the reason is because they know the reality. and they have seen it time and time again, congress acts when they are up against a deadline and not before. we are close to it. but it won't be until they are facing the cliff and teetering off the edge that the republicans will say fine, uncle, i'll go for this even though i don't think it's the right thing. but i've got to tell you, randi, still for the most part, democrat and. >> rob: sources do think that the most likely scenario is going off the cliff, and the reason is because, again, this is not going to make voters or viewers happy, is because poli
but perhaps, democrats think if they can add an extension of the estate tax cut or put tax extenders in there they can lure some republicans. but that is part of the negotiation that's going to go on behind the scenes between democrats and one by one republican after republican. what do you need in order to come to the table. >> the senate democrats saying they think it's best to wait until the very last minute. why is that? >> this is going to make voters and viewers so happy i'm...
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Dec 30, 2012
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what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for people. you start to talk about budging a household. for the average family? >> 3500 bucks is the income tax hit. >> above what they're paying. >> and additional 3500 for median income. that goes up dramatically the wealthier you are. tens of thousands of dollars more. you could on the hook for a real hit. >> the argument is the wealthy won't feel it but they won't spend it either. >> that's the point. a lot of those people paying higher taxes own small businesses and will opt not to hire and it will ripple through the economy. >> it hurts when i
what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for...
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Dec 22, 2012
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we'll be back in a second. >> proposal to get our deficit uncontrol, avoid tax cuts, or avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending but also asks the wealthiest americans to pay more, proposal that will strengthen the middle class over the long haul and grow our economy over the long haul. during the course of these negotiations i offered to compromise wit republicans in congress. i met them halfway on taxes, and i met them more than halfway on spending. in terms of actual dollar amounts we're not that far apart. as of today i am still ready and willing to get a comprehensive package done. i still believe that reducing our deficit is the right thing to do for the long-term health of our econy and the confidence of our businesses. i remain committed to working towards that goal, whether it happens all at once or whether it happens in several different steps. but, in 10 days we face a deadline. in 10 days under current law tax rates are kedcud you would to -- scheduled to rise on most americans. even th
we'll be back in a second. >> proposal to get our deficit uncontrol, avoid tax cuts, or avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending but also asks the wealthiest americans to pay more, proposal that will strengthen the middle class over the long haul and grow our economy over the long haul. during the course of these negotiations i offered to compromise wit republicans in congress. i met them halfway on...
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Dec 25, 2012
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basically i pay taxes. you pay taxes. melissa: on pays taxes? >> exxon does not pay their fair share. they get tax breaks that are written into the law by their very highly-paid lobbies and supported by the many congresspeople who they give millions of dollars to every year in election campaigns. melissa: but still you said tax breaks. that is tax breaks that is their money hanging on to. it is not money they're getting back from congress. it is their money. >> it is money that everyone else has to pay. you know they get a special tax break for, for instance, if they want to make a project internationally they have a special government-backed loan program at u.s. export import bank. last year that program alone provided $10.4 billion fossil fuel subsidies. melissa: can i ask you better for my children and went out like the navy and spent $26 a gallon on biofuels or the air force which is spending $59 a gallon would that be better for my children we were all doing it. i don't like the air force and navy doing that. that is bad for my children's f
basically i pay taxes. you pay taxes. melissa: on pays taxes? >> exxon does not pay their fair share. they get tax breaks that are written into the law by their very highly-paid lobbies and supported by the many congresspeople who they give millions of dollars to every year in election campaigns. melissa: but still you said tax breaks. that is tax breaks that is their money hanging on to. it is not money they're getting back from congress. it is their money. >> it is money that...